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Inflation reaches record high

New Delhi, June 14 (Agency)

Inflation based on the Wholesale Price Index rose to a record high of 15.88 per cent in May due to costlier food articles and crude oil. Inflation based on the Wholesale Price Index stood at 15.08 per cent in April this year and 13.11 per cent in May last year. “The higher rate of inflation in May, 2022 is mainly due to increase in prices of mineral oils, crude oil and natural gas, food articles, etc. over the corresponding month of last year,” the Ministry of Commerce and Industry said in a statement. ‘

SBI hikes interest rates

State Bank of India (SBI) has increased interest rates on deposits and loans. SBI has increased interest rates by 0.20 percent on fixed deposits of less than Rs 2 crore with select maturity periods. As per the information available on the website, the interest rate on deposits ranging from 211 days to less than one year will be 4.60 percent as against 4.40 percent at present. Senior citizens will get 5.10 percent interest instead of 4.90. Customers will get 5.30 percent interest on deposits of less than two years. The interest rate on deposits of less than two to three years has been increased from 5.20 percent to 5.35 percent. In this, senior citizens will get 5.85 percent interest. The bank has increased the Repo Linked Lending Rate (RLLR) to 7.15 percent. Earlier it was 6.65 percent.

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